The giant ecosystem that is the Internet of Things is growing, shifting and consolidating rapidly. We all know that IoT can change our lives and make our businesses more efficient, but what else should we know about IoT? Here are 18 IoT statistics that will help you wrap your head around these rising trends.
IoT Statistics for 2018 & Beyond
2. According to IDC, worldwide spending on the Internet of Things (IoT) is forecast to reach $772.5 billion in 2018, an increase of 14.6% over the $674 billion that was spent in 2017.
3. Bain estimates that by 2020, annual revenues could exceed $450 billion for IoT vendors selling hardware, software and comprehensive solutions.
4. McKinsey states that globally, an estimated 127 new devices connect to the Internet every second. A report from the McKinsey Global Institute approximates that the IoT could have an annual economic impact of $3.9 trillion to $11.1 trillion by 2025.
5. IoT Analytics states that the North America region is expected to have the highest CAGR of 36% by 2021. However, Asia will emerge as the largest continental market with $616 million by 2021.
IoT Stats Around Devices & Connectivity
7. In 2018, Ericsson expects the number of IoT connected devices to surpass mobile devices.
9. The number of connected devices is expected to reach 75 billion in 2025.
10. According to IDC, Wi-Fi and Bluetooth low energy (BLE) are top contenders as preferred IoT connectivity mechanisms. However, long-range, wide-area networks (LoRaWAN) and narrowband IoT (NB-IoT) are equally poised to give a tough fight to Wi-Fi and BLE vendors.
What's Next in IoT for:
11. Accenture estimates the Industrial Internet of Things (IIoT) could add $14.2 trillion to the global economy by 2030.
13. According to Cisco, M2M connections will exceed 12 billion to represent nearly half (46%) of all of the devices connected to the Internet worldwide by 2020.
14. Business Insider estimates that global manufacturers will invest $70 billion on IoT solutions in 2020. That's up from $29 billion in 2015.
15. IoT Analytics expects manufacturing to be the biggest IoT platform segment, reaching $438 million by 2021.
16. The most desired functionality delivered by IoT for food manufacturers are location of tracked objects (91%) and containers (88%). Real Time Locating Systems (RTLS) help monitor the location and temperature. (Source) Click to tweet
17. IDC Health Insights anticipates that by 2020, 80% of consumer service interactions will use IoT, big data and analytics to improve quality, value, and timeliness of care.
With the IoT market rapidly evolving, it is hard to keep up with the latest news and trends. These IoT stats help conceptualize the enormous growth in the Internet of Things. IoT statistics are constantly evolving, so check back soon for updated IoT stats.